No Cars – Business Will Be Restructured Around Energy Storage
Say goodbye to Coda Automotive, as parent Coda Holdings has filed for Chapter 11 bankruptcy protection, pledging to restructure with an emphasis on battery-energy storage technology, and selling off its automotive assets.
Thus the battery electric sedan, built with a Chinese chassis with UQM Technologies drivelines installed in California (F&F, March 12, 2012), joins the dismal roster of electric vehicle failures.
Coda is widely reported to have sold just 100 cars.
“The company blew through cash like it was water in pursuit of green fantasies rather than developing the car as business entrepreneurs do,” one close observer told F&F … “just plain foolishness.”
“After concluding a comprehensive review of our strategic options, the board of directors, management team and senior lending group have concluded that focusing on the company’s energy storage business presents the best opportunity moving forward,” Coda Holdings CEO Phil Murtaugh said in a release.
‘Scalable, Custom Energy Storage Solutions’ – But Not for Cars
Coda says it diversified its business and formed Coda Energy two years ago, offering the proprietary battery management and thermal management systems used in Coda’s vehicles, but adapted for stationary energy storage applications. Coda offers “scalable, custom energy storage solutions optimized for generation, distribution and behind-the-meter applications for commercial, residential and industrial end users.”
Coda says it “is currently shipping product, and has a robust pipeline of new customers and existing installations in the field.”
Emerald Capital Advisors is the restructuring advisor for Coda Holdings.
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Source: Code Holdings with Fleets & Fuels follow-up